Promissory Note dated July 1, 2016 in favor of Passing Through, LLC in the principal amount of $600,000 with Renovo as Borrower (as amended)

Contract Categories: Business Finance - Note Agreements
EX-10.5 8 king_ex105.htm PROMISSORY NOTE king_ex105.htm

EXHIBIT 10.5

  

PROMISSORY NOTE

 

July 1, 2016

 

Lender:

Passing Through, LLC

 

800 Morgan-Johnson Road

 

Bradenton, FL 34208

 

 

Borrower:

Renovo Resource Solutions, Inc.

 

800 Morgan-Johnson Road

 

Bradenton, FL 34208

 

 

Amount:

$600,000.00

 

 

Rate:

5.00% per anum

 

 

Term:

Interest Only until 12/31/16

 

10 Year Term Conversion on 12/31/16

 

 

Seniority:

Subordinated to Hancock Bank or Assignee 

 

 

Collateral:

All Assets of Renovo Resource Solutions, Inc. and the Renovo Group (listed below)

  

This promissory note between Renovo Resource Solutions, Inc. and the Renovo Group (6, LLC; Renovo Recovery & Salvage, LLC; Camo Trailers Leasing and Rentals, LLC) (Borrower) and Passing Through, LLC (Lender) shall be secured by the collective assets of the Renovo Group.

 

Interest only due on the first of each month until 12/31/2016.

Interest and Principal shall be due and payable on the first of each month beginning 1/1/2017.

(See Attached Schedule of Payments)

 

This note may be extended upon agreement of both parties.

 

This note may be payable in full at any time, with accrued interest, and without penalty for early payment.

 

This note is NOT transferrable to other parties and is due immediately upon any change of control in ownership, unless agreed upon in writing by all parties.

 

The Renovo Group shall compensate Lender, within one year of this note, all applicable costs relating to recording or filing documents (DR-228) with the Florida Department of Revenue.

 

Lendor:

/s/ James K. Toomey

 

Date:

7/1/16

 

 

 

 

 

 

 

Borrower(s):

/s/ Keri A. Moritz

 

/s/ Alison Kendzior

 

 

 

 

 

 

 

 

/s/ Randall A. Mortiz

 

/s/ Lori M. Toomey

 

 

 

 

 

 

 

 

/s/ Brian Kendzior

 

/s/ Kristen N. Toomey

 

 

 
 
 

 

 

 
 
 

 

IN WITNESS WHEREOF, the undersigned have hereunto caused this Agreement to be executed as of the date and year first set forth above.

 

 

BORROWERS:

 

 

 

 

 

RENOVO RESOURCE SOLUTIONS, INC.,

a Florida corporation

       
By: /s/ Randall A. Moritz

 

 

Randall A. Moritz, President

 
     
  6, LLC, a Florida limited liability company  

 

 

 

 

By:

/s/ Randall A. Moritz

 

 

 

Randall A. Moritz, Manager

 

 

 

 

 

 

LENDER:

 

PASSING THROUGH, LLC, a Florida limited liability company

 

 

 

 

 

 

By:

/s/ James K. Toomey

 

 

 

James K. Toomey

 

  

 
 
 

 

 

 
 
 

 

IN WITNESS WHEREOF, the undersigned have hereunto caused this Agreement to be executed as of the date and year first set forth above.

 

 

BORROWERS:

 

 

 

 

 

RENOVO RESOURCE SOLUTIONS, INC.,

a Florida corporation

       
By:  /s/ Randall A. Moritz 

 

 

Randall A. Moritz, President

 
       

 

6, LLC, a Florida limited liability company

 

 

 

 

 

By:

/s/ Randall A. Moritz

 

 

 

Randall A. Moritz, Manager

 

       

 

LENDER:

 

 

 

 

 

PASSING THROUGH, LLC, a Florida limited liability company

 

 

 

 

 

 

By:

/s/ James K. Toomey

 

 

 

James K. Toomey